Sanghvi Movers shares gain over 3% after two work orders worth ₹180 crore

Shares of leading crane rental company Sanghvi Movers jumped more than 3% on Monday, June 24, after the company bagged two work orders worth ₹180 crore.

The stock was trading at ₹1,103, up 3.4%, on the NSE at 11:45 am. The company's market capitalisation stands at ₹4,774.8 crores, while the free float m-cap is ₹ 2,528.5 crore.

It gained 3.5% to ₹1102.5 on the BSE.

The company will provide turnkey customised solutions for Independent Power Producers (IPP) in the renewable energy sector. The scope of work includes monitoring and engineering solutions apart from delivering mechanical, electrical, civil and site management activities, according to an exchange filing.

The other order is for above-ground piping work in the hydrocarbon sector. "The order has been received from a diversified global EPC player and is for six months, to be executed in this financial year," the company added.

Sanghvi Movers, headquartered in Pune, is the largest crane rental company in India. The firm provides medium—to large-sized heavy-duty telescopic and crawler cranes on a rental basis to various industries.

It reported standalone revenue of ₹165.4 crore in the fourth quarter of the financial year 2023-24, up 30.4% from ₹126 crore in the year-ago period. The net profit increased 40.7% to ₹47.7 crore in Q4 FY24, as against ₹33.93 crore in the corresponding period last year.